Eric Gemelli and his company, Market4Caster, LLC, based in Golden, Colorado, have admitted to selling millions of dollars’ worth of securities without the required licenses. This admission is part of a stipulated agreement with the Colorado Securities Commissioner.
Denver District Court Judge Christopher Jay Baumann has approved the agreement and issued an order barring both Gemelli and Market4Caster, LLC from offering or selling any securities in Colorado or to Colorado residents for the next ten years. They are also prohibited from acting as investment advisers or representatives during this period.
The civil complaint was filed on November 6, 2024, by Colorado Securities Commissioner Tung Chan. The complaint stated that Gemelli and his company sold over $3 million in unregistered investments related to penny stocks and mining operations while being unlicensed. It further alleged that Gemelli targeted friends, students, and women he met through dating apps.
Additional allegations included Gemelli’s failure to disclose earning high commissions and previous cease-and-desist orders against him from California for violating securities laws there. According to the settlement terms, Gemelli admitted to earning $1 million in commissions and compensation, which he has since dissipated. The agreement was reached just weeks before a scheduled trial.
“Mr. Gemelli is not welcome to sell securities in Colorado for the next decade. Any violations of this order will be pursued to the fullest extent of the law,” said Commissioner Chan.
The Division advises consumers to research anyone offering securities by conducting internet searches and using resources like Investor.Gov. For verifying if an investment is registered, individuals can consult the U.S. Securities and Exchange Commission’s EDGAR database.
Those who believe they have been involved in an investment scam are encouraged to contact the Division of Securities at Dora_SecuritiesWebsite@state.co.us or call 303-894-2320.
